How does the lender verify the eligibility of an applicant who is a lawful permanent resident, including specific documentation requirements?

The rule

SBA policy requires that all owners of 20% or more of an applicant business, and any individuals providing a personal guaranty, be U.S. citizens or lawful permanent residents. For lawful permanent residents, lenders must verify their status by obtaining a copy of the Permanent Resident Card (Form I-551). The lender must review the card for authenticity, ensuring it is valid and unexpired. This documentation must be maintained in the loan file to demonstrate eligibility.

Facts that matter

• ✓Lawful permanent resident
• ✓Eligibility verification
• ✓Permanent Resident Card
• ✓Form I-551
• ✓Valid status

Example structure